Black Friday’s appeal may be waning in Western markets, but in emerging economies like Latin America, Central and Eastern Europe, and Africa, it’s still going strong.
In recent years, Black Friday and Cyber Monday may have seen a slight cooling of interest in the UK and other Western markets, but in emerging economies, these shopping days are more popular than ever. For international retailers seeking growth, the opportunity to engage consumers on Black Friday remains enormous, as demand for deals and discounts continues to thrive.
The growth in Black Friday engagement across emerging economies is notable, with PayU GPO’s data showing significant spikes in transactions in Latin America, Central and Eastern Europe, and Africa. Economic headwinds may have affected consumer spending power, but the data indicates that shoppers are still flocking to Black Friday to secure savings where they can.
Check out last year’s report: This is not a Black Friday Anymore report.
Latin America, a region with rapidly growing e-commerce, has emerged as a Black Friday stronghold. Transactions surged over 19% in 2023 compared to 2022. Argentina led the charge with a remarkable 104% year-over-year increase in online transactions processed by PayU GPO, as consumers embraced the shopping event with vigor. Even in the face of inflation and economic challenges, the appetite for Black Friday deals in Latin America was unmistakable.
The popularity of Black Friday in Latin America underscores a larger trend: shoppers are looking to make the most of their budgets in challenging economic times. By offering significant savings, Black Friday appeals to consumers in these markets who are eager to find value in a fluctuating economy. For international retailers, this presents a prime opportunity to connect with highly engaged audiences in a region where e-commerce is only set to expand.
Central and Eastern Europe also demonstrated strong engagement with Black Friday in 2023. Consumers in Poland, the Czech Republic, and Hungary showed a clear interest in the shopping event, resulting in a 16% increase in transaction volumes and a 5% rise in overall transaction value. This growth reveals that, while traditional shopping patterns are shifting, Black Friday’s appeal remains resilient.
The uptake in Central and Eastern Europe is bolstered by an increasing array of payment options that make online shopping more accessible. Many consumers are using Black Friday to buy essential goods, appliances, and other items at discounted prices, helping them navigate rising costs of living and make better use of their disposable income.
In Africa, Black Friday has evolved into its own regional phenomenon. The “Black Friday Week” has become an extended shopping period, particularly in South Africa, where payment values rose by 13% over a typical week in 2023. This extended format allows consumers to spread their purchases over several days, taking advantage of various deals and easing the impact on local delivery networks.
The popularity of Black Friday in Africa reflects the continent’s expanding e-commerce landscape. Consumers increasingly look forward to this event, viewing it as an opportunity to buy high-demand goods at more affordable prices. Merchants and e-commerce platforms are responding by offering localized discounts, targeted promotions, and flexible payment options that meet the unique needs of African shoppers.
As we approach Black Friday 2024, the signs indicate that this global shopping event will only continue to gain traction in emerging markets. Retailers are playing a pivotal role in making Black Friday accessible by introducing alternative payment methods that open doors to more consumers. From “buy now, pay later” options to digital wallets and local payment systems, these expanded payment solutions are critical in making Black Friday more inclusive.
For consumers facing economic pressures, Black Friday provides an important outlet to make strategic purchases. With rising interest rates and inflation impacting day-to-day expenses, this annual event gives people a chance to secure essential items, appliances, and holiday gifts at reduced prices. The savings generated from Black Friday shopping allow consumers to maximize their purchasing power, balancing their budgets more effectively.
In 2024, Black Friday is poised to deepen its influence across Latin America, Central and Eastern Europe, and Africa. As these regions continue to develop e-commerce infrastructure and introduce more localized digital payments, consumer engagement is expected to rise.
Emerging markets are driving a shift in how Black Friday is perceived globally—not just as a “day” but as a week-long, sometimes even month-long, period of focused shopping that benefits both consumers and merchants alike. For global brands looking to expand in these regions, the growth of Black Friday offers a perfect entry point to reach new customers, showcase their product offerings, and build brand loyalty.
As Black Friday continues to grow in popularity across emerging markets, the backbone of successful transactions lies in the choice of payment service providers. Retailers must select partners with robust technology capable of handling a massive influx of transactions seamlessly. A reliable payment gateway ensures that transactions are processed quickly and securely, minimizing downtime and reducing the risk of cart abandonment due to technical issues. Additionally, advanced PSPs offer features such as fraud detection, multiple payment options, and scalable infrastructure to accommodate peak loads. By investing in a dependable payment infrastructure, retailers can provide a smooth and trustworthy shopping experience, which is crucial for maintaining consumer confidence and maximizing sales during the high-stakes Black Friday period.
The anticipation for Black Friday 2024 reflects how consumer expectations and behaviors are changing on a global scale. As more retailers join the event, and as digital payments and delivery networks grow, Black Friday will only continue to flourish across emerging markets. This year, international brands have a valuable opportunity to engage with diverse, eager shoppers around the world—and it looks like the impact of Black Friday in emerging markets is only just beginning.